Thaindian News

Washington, June 15 (IANS) With an investment of over $7 billion in 2009, India is emerging as the third-fastest-growing foreign investor in the recession-hit US economy, according to a senior US official.
Citing a soon-to-be-published report by India-US World Affairs Institute and the University of Maryland, Holly Vineyard, deputy assistant secretary of commerce for Africa, the Middle East and South Asia acknowledged the positive Indian contribution.

“India is the third fastest growing foreign investor in the US,” she said at an event here Monday noting Indians invested $4.5 billion in the US in 2008 and their investments grew by an estimated 60 percent in 2009.

The joint study also found Indian companies had made 372 acquisitions worth $21 billion in the US between 2004 and 2009 and created an estimated 40,000 jobs in the country.

The Federation of Indian Chambers of Commerce and Industry (FICCI) secretary general, Amit Mitra noted that Indian companies made 127 green field investments worth $5.5 billion in the US. “So these are huge numbers that India is contributing to the US economy.”

“In contrast, India is facing difficulties in attracting US investment in its infrastructure sector,” Mitra said asking the US government and businesses to “get in there” and to do more in India’s infrastructure sector.

As part of its Track II policy to increase India-US business engagement, FICCI has signed a memorandum of understanding with the US Council on Competitiveness agreeing to work together to accomplish projects with shared mutual interests including the development of innovative human capital and sustainable development.